STAMFORD, Conn.--(BUSINESS WIRE)--The country’s first direct-to-consumer title insurance company, ENTITLE DIRECT, has created an informational guide to help consumers benefit from the new Good Faith Estimate (GFE). This is the first in a series of guides from the industry innovator to help demystify real estate financing and empower consumers to take control of the mortgage closing process.
The new GFE, which went into effect on January 1, 2010, encourages consumers to first shop and then compare fees from various lenders before choosing a mortgage. It helps consumers understand what services they can shop for, so they not only receive the lowest interest rate and best terms, but save significantly on their closing costs as well.
“We published The Smart Consumer’s Guide because we want borrowers to aggressively compare fees from different lenders and third-party service providers, including title insurance companies, before choosing a mortgage,” says Timothy Dwyer, CEO of Entitle Direct Group and Founder of ENTITLEDIRECT.COM. “Our guide will help consumers shop for a mortgage, and then compare, analyze and finalize. This important process will help borrowers avoid overpaying in closing costs what they might save with a lower interest rate.”
Dwyer adds, “We started the company in 2006 with the goal of helping consumers take control of the mortgage process and save significantly on closing costs. As the country’s first direct-to-consumer title insurance company offering title insurance premiums that are up to 35% lower than those offered by competitors, ENTITLE DIRECT fully supports the new GFE and other consumer-friendly documents that bring more transparency into the real estate financing process.”
Title insurance is often the most significant closing cost. It is required by virtually every lender for both home purchases and mortgage refinances. The consumer pays for the policy at the time of closing.
The Smart Consumer’s Guide to the New Good Faith Estimate provides a step-by-step explanation of the new GFE, including clear definitions of the document’s financial jargon and layout. It walks readers through each section of the GFE, highlighting ways consumers can compare and lower their financing and closing costs. Key elements include:
For home buyers, lower closing costs could mean affording a larger home within their current budget, lowering their overall mortgage payments or simply being able to bring less money to the closing table. For home sellers, offering to pay the closing costs for the home buyer can ‘seal the deal.’
Dwyer notes, “A tip to remember is that the real estate closing involves many parties, from real estate agents and insurance underwriters to the mortgage broker and lending institution. Know all the parties involved and keep an open line of communication with all of them.”
ENTITLE DIRECT encourages borrowers to shop by:
Investing just six hours to shop for the best loan rates, title insurance and other closing costs will result in hundreds, even thousands of dollars in savings, and have consumers spending the least money possible at closing.
To view The Smart Consumer’s Guide to the New Good Faith Estimate or for more information about ENTITLE DIRECT, please visit http://www.entitledirect.com/.
About ENTITLE DIRECT:
Entitle Direct Group, based in Stamford, Connecticut, is the parent company of EnTitle Insurance Company, the country’s first direct-to-consumer title insurance company offering significant savings. The ENTITLE DIRECT website is the direct-to-consumer distribution channel and an operating division of EnTitle Insurance Company.
EnTitle Insurance Company was founded in 1978 in Cleveland, Ohio, where it remains headquartered today. EnTitle Insurance is regulated by the Ohio Department of Insurance and is approved to issue title insurance by the Departments of Insurance in every state where its policies are offered. EnTitle Insurance Company is a member of the American Land Title Association, and only issues policy forms approved by the American Land Title Association and other state associations, where applicable.
ENTITLEDIRECT.com is an online platform that provides consumers with significant savings on title insurance, and also educates and empowers them to control their closings. The company offers a calculator for generating fast and easy title insurance quotes and the patent-pending Control Panel, an industry-first that allows consumers to view all their closing documents in real time. Additionally, consumers benefit from working with ENTITLE DIRECT’s specially trained Closing Specialists, who order the title search, issue the title commitment, coordinate the closing with all parties, obtain payoffs, prepare the HUD-1 Settlement Statement, schedule the closing, and ensure the funding of the loan.
Timothy Dwyer, CEO of Entitle Direct Group, and founder, ENTITLEDIRECT.com, is available for interview.